Posting this for posterity sake.
GME
I'm seeing some major consolidation - and this is a really good thing. It means the proverbial rocketship is getting fueled up.
The implications of the fib retracement this are that the stock will trade within each of these bands. Each of the lines provides a support or a resistance level depending on if the price is going up (it's going to fight a resistance line) or if it's going down (it's being held up by a support line). Look at the price patterns in the blue box and you'll see a good relationship of price action within different price ranges. In short, within a few days or maybe a couple weeks max, I'd expect the stock to see a big jump. The longer it stays at a steady-level, the bigger the blast-off.
LazyBear RSI:
Now, look at the module just below the price & volume action. This is the WaveTrend oscillator that LazyBear designed. It's a fancier version of RSI oscillator. Below the blue, means oversold, above the red means overbought. Right now the indicator is mildly negative. But the slope of the line is becoming more shallow, which generally means you'd expect a reversal in the trend. The graduality of it aligns with a consolidation signal. In this case (a bull case) this is a good thing. It means things are getting setup.
GME
I'm seeing some major consolidation - and this is a really good thing. It means the proverbial rocketship is getting fueled up.
The implications of the fib retracement this are that the stock will trade within each of these bands. Each of the lines provides a support or a resistance level depending on if the price is going up (it's going to fight a resistance line) or if it's going down (it's being held up by a support line). Look at the price patterns in the blue box and you'll see a good relationship of price action within different price ranges. In short, within a few days or maybe a couple weeks max, I'd expect the stock to see a big jump. The longer it stays at a steady-level, the bigger the blast-off.
LazyBear RSI:
Now, look at the module just below the price & volume action. This is the WaveTrend oscillator that LazyBear designed. It's a fancier version of RSI oscillator. Below the blue, means oversold, above the red means overbought. Right now the indicator is mildly negative. But the slope of the line is becoming more shallow, which generally means you'd expect a reversal in the trend. The graduality of it aligns with a consolidation signal. In this case (a bull case) this is a good thing. It means things are getting setup.
Comment:
New price target for consolidation: $145.
Aside from the "the market is MaNIPulATED" froth out there, here's what I missed (in the short-term view).
Back in Feb, the reason the consolidation made sense was because it was consolidating along a relatively strong support line, which was the ATH price as of late January before the big boom. I missed that because the Fib lines completely took over my visual space. Note to self, colorful indicators can hide other meaningful data.
Secondly, the consolidation range in Feb was tighter than when I had posted. This is not a definitive issue, but generally speaking, the tighter the consolidation price range, the better the chance for a jump up.